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WSJ Doesn't Buy the Big NYT Insider Trading Story

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The Wall Street Journal today sounded a skeptical note on the New York Times’ report about the investigation into possible insider-trading at Pequot Capital Management. According to the WSJ, you didn’t need to be an insider to know about the GE-Heller Financial deal. You just needed to read the WSJ.

The New York Times stated that one of the transactions of interest to Mr. Aguirre was General Electric Co.'s purchase of Heller Financial Inc. for $5.3 billion, which was announced on July 30, 2001. Earlier that month, Mr. Mack had been named CEO of Credit Suisse First Boston, which advised Heller on the sale to GE. The news of a possible sale of Heller to GE was well known to investors. On March 22, 2001, The Wall Street Journal published a "Heard on the Street" column about a potential tie-up between Heller and GE.

SEC Probes Hedge Fund Pequot For Insider-Trading Violations
[Wall Street Journal]